Former Massachusetts Gov Mitt Romney will make his 2012 presidential run official on Thursday, saying President Obama has “failed America.”

Fox News has obtained excerpts of Romney’s speech, which will be delivered in the leadoff presidential primary state of New Hampshire.

“In the third year of his four-year term, we have more than promises and slogans to go by. Barack Obama has failed America,” Romney will say.

With a career as a successful businessman before holding public office, Romney will stress economic issues.

“Government under President Obama has grown to consume almost 40% of our economy. We are only inches away from ceasing to be a free market economy. I will cap federal spending at 20% or less of the GDP and finally, finally balance the budget.”

The fact that Romney chose the Granite State to launch his White House run is no coincidence.

The 2008 presidential candidate owns a home in New Hampshire, and has spent considerable time and money courting Republicans in the crucial state over the past couple of years, while barely stepping foot in the other early states of Iowa and South Carolina.

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